CAMPBELL, CA, Dec. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Friendable, Inc. (OTC PINK: FDBL) today announced that it has entered into an amendment to the debt restructuring agreement, specifying the dates upon which the debt holders can reset their conversions. The amendment also confirms that the Company has achieved all milestones for the closing of the debt restructure agreement, as of November 5, 2019. The amendment provides the Company with additional time to build value, prior to any conversion reset being completed.
Currently, the debt holders are able to exchange their debt for shares of the Company’s common stock at approximately $1.00 per share. Prior to the amendment, the debt holders would have been able to adjust the conversion price on December 26, 2019 and April 24, 2020. Pursuant to the amendment, the reset dates are now March 4, 2020 and July 2, 2020.
“The amendment provides Friendable and our management team a foundation on which to build and allows for a capitalization table that we believe is reasonable and attractive for securing additional capital,” said Robert A. Rositano, Jr., CEO, Friendable, Inc.
“To re-cap what this means for the Company and our shareholders, it is important to revisit what has been achieved as we believe our path to growth in 2020 is wide open. The debt restructure agreement eliminates approximately $8.1 million of the Company’s debt/liabilities, including a reduction of approximately $7.1 million by the debt holders and approximately $1 million coming from the Company’s management and vendor debt write downs,” concluded Rositano, Jr.
About Friendable, Inc.
Friendable, Inc. is a mobile focused technology and marketing company, connecting and engaging users through two distinctly branded applications:
The Friendable and Fan Pass Mobile Applications.
The Company initially released its flagship product Friendable, as a social application where users can create one-on-one or group-style meetups. In 2019 the Company released its new version of Friendable with a focus on dating and building subscription based revenue, starting with its existing and historical database of approximately 900,000 registered users.
Fan Pass is the Company’s newest app/brand, scheduled for release in 2019. Fan Pass believes in connecting Fans of their favorite celebrity or artist, to an exclusive VIP or Backstage experience, right from their smart phone or other connected devices. Fan Pass allows an artist fan base to experience something they would otherwise never have the opportunity to afford or geographically attend. The Company aims to establish both Friendable and Fan Pass as premier brands and mobile platforms that are dedicated to connecting and engaging users from anywhere around the World.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Friendable: Phone: (855) 473-7473 Ext. 101